Dean Thompson
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March 28 Real Estate News

In these unprecedented times, many clients have contacted me to find out how this is impacting the Comox Valley Real Estate market.   While the market has slowed it remains active.  Below are just some important details:  

  • The BC Government has determined real estate is an essential service.
  • Tenants cannot be evicted to selling tenanted properties is only possible if the Buyers want to keep the current tenants, or the tenants want to move.  
  • Open Houses are disallowed.
  • Private showings of homes may still be possible for Buyers who are serious – a checklist has been developed to keep Buyers, Sellers and agents safe during any visitations.
  • The Brokerage offices are closed.  Business continues to be done remotely with most brokerage staff and agents self isolating.
  • The Land titles office and lawyers are working regular hours (offices closed to public).
  • It is almost business as usual for Mortgage Brokers and banks ( offices closed to public).  
  • On March 27 the Bank of Canada dropped its key lending rate another ½%.
  • I have had a flu and been self isolating since March 20th.  I feel fine and am working from home.

Please stay healthy and contact me directly with your real estate questions.  Thank you.

Bank Interest rates drop 1.5%! 

The federal government dropped interest rates 0.5% on March 4, March 13th, and March 27, 2020.   This 1.5% total drop in March is great news for all Buyers looking for a new home mortgage! 


Comox Valley real estate statistics for March 2020

  • The average sell price of a single-family home in the Comox Valley is now $579,280.  This is a 5% increase from the 2019 average. 

  • Currently, it takes an average of 58 days for a single-family home to sell. This is an increase of 21% from the same time last year, when the average was 48 days.

  • So far in 2020, there have been 7% more listings compared with the same period in 2019.

For detailed information visit  Comox Valley Real Estate Statistics or  contact me directly.